Post # 1
Curious- I’ve seen a lot of post on here about people saving up 10k, 20k, 30k + before TTC. Is there anyone out there TTC, currently pregnant, or already parents who don’t or didn’t have tons of money saved up? What made you decide to go ahead and have a baby now? And for those who have had their babies, how much of a financial strain has it been on your family? I’m not saying purposely having a baby on welfare, or being irresponsible and whatnot. But, surely there’s people who don’t have a 10K or even 5K baby fund set aside, and are currently having kids…right?
Post # 3
- Wedding: September 2011 - Clark Gardens
We didn’t feel it was necessary to have X amount in the bank. We have an emergency fund, retirement accounts, a house, and stable jobs. We’re using our discretionary income to aggressively pay down debt as opposed to building up a huge nest egg at this point. I’m 26 weeks pregnant.
Post # 4
You can only plan so much, some of us will not ever be in careers that will allow us to have a huge savings account. Happiness and being able to support a child and it’s needs is all that is important in my book. My child will not get the best baby clothes or expensive toys- but I really don’t think I would even if I did make a bunch of money.
Post # 5
We had a 2yr plan. We were told it would take us a few years to get pregnant due to health issues I had in which I didn’t ovulate. So we start trying and surprise I got pregnant. I had all of these financial goals but it’s okay our baby is coming and we couldn’t be happier! I do stress about money but we will in no way be losing our house cars, etc. and will not need gov’t assistance, Our rainy day fund just isn’t as we would have liked it. If one of us were to lose our job then things would be different but we will make it work.
Post # 6
We are TTC and don’t have any money saved up except for the baby step 1 emergency fund. We have two small debts to pay off and are paying for the wedding in January as well. We decided to go for it because we have insurance and feel like beyond that, a baby is only as expensive as you make it. That doesn’t mean that we’re going in with blinders on. We know that there will be expenses involved with having a child. However, that doesn’t mean that the kid needs the $1000 stroller or crib (even though I’m in love with an $850 wrought iron crib I won’t get it). Nor do they need every gadget ever invented to suck money from new parents. FI will stay at home. We’ll cloth diaper and do everything in our power to breastfeed for at least a year. Other than that there are clothes which can come from the thrift shop since they’ll only be worn once or twice before being outgrown. Same for gear. I saw a pack-and-play for $20 at a garage sale the other day in perfect condition. I’m kicking myself now for not getting it. Plus, my BFF just had a baby in June so my goddaughter will be outgrowing things (hopefully) just in time for me to need them.
I often feel like the desire to have such a large amount saved up is one or both parties delaying TTC.
Post # 7
We saved up a lot, and I’m glad that we did. Even though we are/planning to do all the things you can think of to save money, it still adds up.
My sister had a preemie and they spent thousands upon thousands on special formula that their insurance didn’t cover -the credit card debt has followed them for many years.
Can you plan for everything? No. But to me, it is more responsible to save up before you TTC. At the very least, it made us more confident and excited about actually getting pregnant (which we are now).
I am shocked at just how much I’ve had to spend on maternity stuff – most of which I’ve bought used and DIY’d myself. Still, I’ve had to buy new bras twice and am about to outgrow my first round of size small maternity clothes as I go into my 3rd tri.
Post # 8
We have a child and it was an unplanned pregnancy so we did not have anything saved up. We are doing just fine. Mostly we just don’t go out as much as we used to….
Post # 9
i’m not going to have a 20k baby fund or anything, we just have to be comfortable with our finances.
i freaked and took a pregnancy test this week- really thought there was a strong possiblity that i was pregnant (i’m not), and was so upset.
i was lamenting that we’d have to move into the hood if we had a baby right now. and we don’t even have a washer/dryer! we’d have been royally screwed.
Post # 10
I don’t think we need X amount saved up to have a child.
We contribute to our retirement accounts, comfortably pay our mortgage, have money for some discretionary spending, and still are able to save money every month. I don’t think you have to have a certain amount set aside before kids.
Post # 11
@Sugaree: I often feel like the desire to have such a large amount saved up is one or both parties delaying TTC.
I think that can be true, but not most of the time. For DH and me, we both wanted to be very comfortable and have a good savings before TTC, only, his level or comfort was higher than mine. But, we both wanted for me to be a SAHM, so if he is to be the only one bringing in outside income, I felt it was really important that he be comfortable with our finances even if I thought we were comfortable a year earlier.
We just don’t want our kids to grow up struggling or for us to be frustrated that we can’t provide the things we feel they should have. I’d be fine if they can’t have the most expensive stroller or the fanciest clothes or nursery, but I want them to be able to go to the best schools for them and not worry about paying for the next doctor’s visit or bringing them to the best doctor who happens to be outside our insurance plan. Everyone’s comfort level is different, of course, and where you live is a huge factor, but I think every couple should have some plan for what they need before TTC. To go into it without thinking about finances is irresponsible.
(I’m not including unplanned pregnancies in this, of course, because things happen and you make it work.)
Post # 12
@foodnerd81: I felt it was really important that he be comfortable with our finances even if I thought we were comfortable a year earlier.
Was that actually a desire to have that much money saved or a desire to be childfree for one last year? I’m not meaning to come off as rude, but I’ve seen it time and time again. This is a classic stalling tactic, even if it’s subconscious. Maybe I’m jaded because that’s what my ex husband did. He thought that he could delay having children forever by saying “Gee, ya know what? I’d love to have baby with you, but we just can’t afford it right now. Maybe next year.” Eventually it came out that he didn’t want children at all (yes, we talked about this before getting married and he said then that he wanted children). I’ve seen my guy friends do it too. They’ll put off having a kid the same way some of them put off getting engaged because they want to have all of their ducks in a row when a lot of times it’s that they want to be in a better place, but a lot of times it’s that they aren’t ready emotionally.
Post # 13
We had like $30k in savings when we accidentally got pregnant with DD. To be honest, I don’t think that any of it went to DD, and we used a chunk of that for our down payment 6 months later. I think that it’s important to have a safety net, but no specific dollar amount is required to have a baby.
Post # 14
Our goal is to have 10 000$ saved up before we TTC. We are going to cloth diaper and buy used clothing as well as DIY. One thing we wont give up is our chariot stroller which retails near 1200$ including all the accessories but we hike and bike and are active and need a stroller that will keep up.
Post # 15
One thing to also thing about is how generous your family is. I am not paying any startup costs for our baby. Our parents furnished the nursery for us and am having a shower and my family are not wealthy but are very kind and generous so I can’t imagine us needing much besides the little outfits and toys I want to buy her.
Post # 16
We don’t plan to intentionally have a baby until we both have steady jobs and a house. But we also don’t intend to wait forever to have exactly $XX saved in the bank.